E*TRADE Financial Corporation and its affiliates do not provide tax advice, and you always should consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.

The material provided by E*TRADE Financial Corporation or any of its direct or indirect subsidiaries (E*TRADE) or by a third party not affiliated with E*TRADE is for educational purposes only and is not an individualized recommendation. The information contained in the third-party material has not been endorsed or approved by E*TRADE, and E*TRADE is not responsible for the content. This information neither is, nor should be construed as, an offer or a solicitation of an offer to buy, sell, or hold any security, financial product, or instrument discussed herein or to engage in any specific investment strategy by E*TRADE.

E*TRADE sometimes provides its customers with cash credits or special offers related to the opening or funding of accounts or other activities. E*TRADE credits and offers may be subject to U.S. withholding taxes and reporting at retail value. Taxes related to these offers are the customer's responsibility. Cash credits for Individual Retirement Accounts are treated as earnings for tax purposes.

Investing outside the United States involves additional risks related to currency fluctuations, economic and political differences and difference in accounting standards.

Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability than those of more developed countries. These securities may be less liquid and more volatile than investments in U.S. and longer-established non-U.S. markets.

Frontier markets are in early stages of economic and/or political development and are even less developed than emerging markets. As such, risks associated with foreign investments can be significantly greater in a frontier market compared to emerging markets and foreign investments generally.

The S&P 500 Index is a market capitalization-weighted index of 500 widely held stocks often used as a proxy for the US stock market. It is not possible to invest in an index.

It is not possible to directly invest in an index.

Supporting documentation for any claims will be provided upon request.

Securities, investment advisory, commodity futures, options on futures and other non-deposit investment products and services are not insured by the FDIC, are not deposits or obligations of, or guaranteed by, E*TRADE Bank or E*TRADE Savings Bank, and are subject to investment risk, including possible loss of the principal amount invested.

System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.